Nigeria leads push to freeze oil production levels

Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu said Tuesday that OPEC member Nigeria is “at the forefront” of the push for a global agreement to freeze the level of oil production,Vanguard reports.

Discussions on freezing production levels were ongoing ahead of an extraordinary summit of the Organization of the Petroleum Exporting Countries (OPEC) to be held later this month, he told reporters in Abuja. “I have been in the forefront of driving that change and I’m glad that we are making progress,” Kachikwu said in response to a question on what he thinks of the call for a production freeze by OPEC to drive up crude prices.

“If we do get a consensus … I think it will be very dramatic in terms of its impact on the price of crude,” Kachikwu said. He added that there were ongoing moves to build consensus on the production freeze ahead of the OPEC meeting despite the reluctance of Iraq and Iran to commit themselves to specific volumes. “I wouldn’t worry about that if two out of about 40 which includes non-OPEC members decides to scale out, perhaps we can still achieve the effect that we want,” Kachikwu said.

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